Downtown Burj Dubai, Dubai
Marina, and Emirates Living are starting to see a
recovery in property prices, it has been reported.
 Real
estate prices in New Dubai are starting to stabilise
with more people choosing to live there and commute
to Abu Dhabi, property experts told Gulf News,
"Those working in Abu Dhabi are increasingly
exploring residential units in New Dubai due to its
proximity to the UAE capital,” Andrew Chambers,
managing director of Asteco told the paper.
"While tenants are seeking units in community
developments, the demand has mostly been for one and
two-bedroom apartments and for three and
four-bedroom townhouses,” he said.
Industry reports suggest rent and house prices in
Dubai have eased significantly over the previous
quarter, the paper reported.
Since the global financial crash property prices in
Dubai have tumbled by about 34 percent, according to
the Landmark Advisory, with some expert believing
there will be a further 20-30% drop to come.
During the second quarter, the price of aapartment
saw a slight drop from around AED1,000 per square
foot to AED900 per square foot, the paper reported.
Villa prices declined during the same time from
AED1,130 per square foot to AED980 per square foot.
However, rental prices look set to remain
competitive for sometime, expert said.
"The current oversupply situation coupled with weak
demand on both a local and international front will
mean landlords will be fighting extra hard to secure
tenancies, adding further downward pressure to
rent," said Matthew Green, head of research and
consultancy in UAE, CB Richard Ellis.
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